What is required to get pre-approved on a USDA Rural housing loan in Yulee?
It’s honestly still quite easy considering all the new changes that have occurred in the mortgage marketplace in the last 6 years. Mortgage loans in 2013 are “back to basics” in most instances. Gone forever are the days of qualifying for a loan without any income, low credit score, etc. Buyers at present that have reasonable credit, reliable documentation of source of income and acceptable debt will often have no trouble getting pre-qualification for a mortgage loan right away.
All the Federal home mortgages (USDA, FHA and VA) basically need the same things in order to get pre-approved.
Below are a number of main points to think about when deciding upon a government loan type.
Your Credit Scores
In most cases a 640 FICO score is required to become pre approved for the federal government residential loans today, including FHA, USDA and VA. Also remember a 640 credit rating doesn’t assure you home loan approval as all banks and lenders have additional waiting criteria regarding buyers with any prior bankruptcy, foreclosed property, or short sale. More time will be needed for USDA Rural loans. A clean Twelve month payment history on any other consumer credit lines is vital to maintain.
Net income Level
It needs to be stable and documented in 2013. The times of said income or loans without documentation are gone forever. Recording source of income effectively will often present a difficulty with self employed or 1099 personnel, specifically those who’ve not been self employed for a minimum of a two year period. Banks and lenders normally need to see a 2 year history of employment. Limited gaps in your personal employment history might be ok, so long as the gap isn”t too long, or unexplainable. Fresh college graduates usually are exempt from a 2 year employment rule.
100% USDA Loan
These loans are offered to pretty much any homebuyer wishing to acquire a home inside a rural classified geographic location. Click here for the USDA eligibility map. USDA loans also have earning limitations according to the number of people in the home, region, etc. Please click here for more information on FL USDA income restrictions. USDA, collectively with VA, are considered the only two residential loans in Florida offering 100% financing with NO down payment.
Many other Nassau County and Yulee, Florida mortgage programs:
These financing options are available throughout Florida for any home buyer that is approved. FHA mortgages need a minimum 3.5% down payment, there are no earnings limits, restrictions or property location disadvantages. Contact us to learn learn more about FHA mortgage prerequisites in the state of Florida.
Accessible to all qualified past and existing military service members. Please contact us to find out about VA homeowner loans in Florida.
Home-owners that presently have a VA, FHA and USDA loan ought to examine the diversity of streamline home refinance loan options available presently. These types of offers enable homeowners to refinance their home REGARDLESS of the mortgage to value percentage. If you already have a USDA Home mortgage, contact us to find out more about the Pilot program. Interest rates are now at all time low levels!